NEWS ROUNDUP: encompass; PrimeRevenue & BankUnited
by Jack Large
The latest cash and treasury management news and developments are reviewed below.
KYC: encompass corporation adds new global identify verification feature
encompass corporation, a global provider of intelligently automated Know Your Customer (KYC) solutions, have added a new feature to their KYC platform: global biometric identify verification (IDV) and document authentication.
The global electronic identity verification enables customers to fully automate IDV as part of their overall onboarding and KYC processes. Advanced imaging algorithms allow users to authenticate an official identity document and conduct biometric checks against a “selfie” of the person being onboarded, in addition to conducting bureau checks for further validation. Bureau searches are carried out globally, using a customer’s preferred sources.
IDV and risk screening
The new capability enables encompass customers to conduct IDV and risk screening for PEPs (Politically Exposed Persons), Sanctions and Adverse Media in one automated process, against all required sources, in just minutes.
The integration of this additional feature is the latest step in encompass’ mission to provide its customers with all the tools they need for quick, comprehensive KYC in a single solution so that the process can be carried out in-house rather than being outsourced.
Across entire client base
Firms can now use the encompass automation platform across their entire client base, whether their clients are large corporates, SMEs, sole traders or individuals. By integrating a wide range of biometric and electronic IDV providers into a seamless experience, encompass provides customers with the freedom to use the most appropriate providers in each of the jurisdictions in which they operate, improving straight through processing rates and the customer experience.
PrimeRevenue announce new bank alliance
PrimeRevenue, Inc., a leading provider of working capital financial technology solutions, announces a new alliance with BankUnited, NA. BankUnited will begin funding both drafts and accounts receivables programs on PrimeRevenue's supply chain finance network in the mid-market buyers' supply chain finance solution.
The addition of BankUnited to PrimeRevenue's ecosystem of funding partners will, they claim, generate significant growth and expansion opportunities for mid-market, non-rated and sub-investment-grade buyers and suppliers with programs on PrimeRevenue's network.
"We are extremely excited about our new relationship with PrimeRevenue, both to add to our own asset portfolio as well as to enable growing companies to optimize their working capital to invest in their future," said Thomas M. Cornish, Chief Operating Officer of BankUnited.
This new alliance is one of several in 2018 as PrimeRevenue continues to grow and diversify its pool of funding sources. With plans to continue adding new regional and community banks to the platform, PrimeRevenue will have more than 70 funders available to fund supply chain finance programs in 2019.
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